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.COM is generally a commercial site.
.ORG is supposed to be a non-profit organization.
.NET is generally a network of some sort, although I have three commercial sites that are all .NETs.
The original conventions have wandered from their initial purposes. Of course now we have dozens of others from which to chose .NAME, .ME, .INFO, .MOBI and other curiosities.
They were meant to denote whether the domain name was being used for business (.com) charity/non-profit (.org) or for a technology based company (.net). However, with the explosion of the Internet (and specifically, the world wide web) as a new business medium, the lines were blurred, and companies and individuals alike started cross-registering domains (ie. Me.com, me.net, me.org) just to protect their interests. Now, .com, .net, and .org names (the generic Top Level Domains) can be used for any purpose.
com = company
org = organisation
net = network ... I think.
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